Georgia to reduce taxes, says Economy Minister

The Georgian Government is not going to increase taxes, but on the contrary – taxes will be reduced, announced Georgia’s Economy Minister Giorgi Kvirikashvili today.

"We have been working very hard to reduce taxes. We think we need more liberalisation in this direction,” Kvirikashvili said.

How the Government planned to reduce taxes will be announced in the coming days, Kvirikashvili said.

"In terms of budget adjustment, it is very important to properly to calculate the costs,” the country’s Economy Minister said.

The Analytic Mission of International Monetary Fund (IMF) are currently in Georgia to review the economic situation and will provide recommendations about what kind of changes the Government should implement regarding the state budget.

Georgia’s Prime Minister Irakli Garibashvili has already shared the country’s plan of action with IMF representatives.

The sides met in Tbilisi yesterday and discussed the current situation in the region and the major factors that have influenced the instability of economies of Georgia other countries in the region.

IMF said within the framework of the Mission, Georgia’s economic processes and macro-economic parameters will be evaluated and a risk analysis will be carried out together with the Government and the National Bank of Georgia.